Oil Demand Outlook Looks Up, For Now

Analysts see the rate of change in oil demand growth falling below zero in the years ahead.

Analysts forecast oil demand will rise by 6 million barrels per day this year. (Source: Shutterstock.com)

Analysts forecast oil demand will rise by 6 million barrels per day this year. (Source: Shutterstock.com)

Global oil demand is forecast to recover all that was lost when the coronavirus pandemic raged amid an oversupply, fully recouping by year-end 2022, say analysts with Evercore ISI.

However, North American output is expected to stabilize, leaving the Evercore analysts looking to other non-OPEC suppliers to meet the world’s growing oil needs in the near term.

“Demand really did decline almost 9 million barrels a day in 2020, but we expect about a 6 million barrels per day increase in 2021 and then almost 2 million barrels per day increase in global oil demand in 2022,” Evercore’s Doug Terreson said this week during the company’s Global Energy Outlook webinar.

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Velda Addison

Velda Addison is the senior editor of digital media for Hart Energy’s editorial team. She covers energy with a focus on renewables.